By Michael Millar
Date: Tuesday 13 Sep 2011
LONDON (ShareCast) - Africa-focused miner Goldplat posted a big jump in profits after it increased gold production to record levels.
The company saw a 76% increase in profit before tax to £3,428,000 in the year to the end of June.
It said it had mined a record 28,185 ounces of gold, 31% more than the previous year.
A major part of the increase in profits was generated in Ghana, where the group currently benefits from a tax holiday until 2015, which reduced the overall tax charge.
Goldplat said that it was set for set for significant growth during the remainder of 2011 and beyond with its three mining development projects in Kenya, Burkina Faso and Ghana all showing near term resource upgrade and production potential.
Chairman, Brian Moritz, said the company was looking to expand its portfolio.
"We are reviewing other similar projects across the continent including a gold mining asset in South Africa located close to the Benoni operation, which the management believes could provide long term feed stock for the processing plant and would enhance the stability of the South African operations," he said.
"We will update the market on developments in due course."
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